The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
147 jobs Number of planned job losses
Announcement Date
27 August 2009
Employment effect (start)
30 October 2009
Foreseen end date
30 September 2014
Description
Financial services company Friends First Ireland has announced 147 redundancies in Ireland. It is to close its asset finance division as part of a major restructuring. The company has stated that this division had been significantly impacted by the global credit crunch, which meant its business model of borrowing from the inter-bank market was 'no longer sustainable in the current climate'.
It is reported by the Irish Times that the closure of this division will lead to the loss of 98 jobs. Sixty eight staff are to be made redundant within the next two months, with the remainder staying in place for the next five years or so, as the business is phased out. The finance unit is based at the company's headquarters in south Dublin. The company has also said that it plans to make a further 49 staff redundant across the wider business by the end of 2009. A redundancy package of seven weeks per year of service - inclusive of statutory - and capped at two years full pay is to be offered.
Sources
27 August 2009: Irish times
27 August 2009: RTE news
Citation
Eurofound (2009), Friends First Ireland, Internal restructuring in Ireland, factsheet number 69507, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69507.
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